Move Your Funds ‘Instantly’ – Serious $2.2B Crypto Warning Issued After Sudden Rival Bitcoin and Ethereum Price Crash
Bitcoin
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The price of bitcoin has collapsed by around 70% from a year ago, dragging down the price of ethereum and forcing the CEO of crypto exchange Coinbase to issue a dire warning.
Now, the price of bitcoin and ethereum rival BNB
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Binance CEO Changpeng “CZ” Zhao took to Twitter to try to reassure users that withdrawal issues at … [+]
“Get your money out of Binance immediately,” bitcoin investor Mike Alfred, an outspoken critic of non-bitcoin cryptocurrencies and centralized exchanges, posted to Twitter, adding “this is not a test or joke.”
The price of Binance’s BNB, a cryptocurrency designed to facilitate trading on the platform and power a smart contract ethereum rival blockchain, has fallen 5% in the past 24 hours, falling as the price of bitcoin and ethereum climbs.
Binance has seen net outflows of $1.9 billion of ethereum and ethereum-based cryptocurrencies in the past 24 hours, with outflows in the past week of nearly $2.2 billion, according to blockchain analytics firm Nanse.
About $2.5 billion in ethereum was reportedly pulled from collapsed exchange FTX in early November as it battled what it called “false rumors,” putting traders on high alert for more crypto company meltdowns.
Binance suffered a further drop in confidence after its “proof of reserve report” failed to settle questions about the state of its finances, and it was reported by Reuters the company may be facing charges by US Department of Justice prosecutors for possible money laundering and criminal sanctions violations.
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The BNB price has fallen over the past week, struggling as rumors swirl around the Binance exchange … [+]
Binance also spooked traders when it said it was “temporarily” halting withdrawals of the USDC stablecoin while it moves some cryptocurrencies between internal accounts.
“On USDC, we have seen an increase in withdrawals,” Binance CEO Changpeng “CZ” Zhao posted to Twitter. “However, the channel to switch from PAX/BUSD to USDC requires going through a bank in New York in US dollars. The banks are not open for a few hours. We expect the situation to be restored when the banks open.”
